MANATEE -- Bradenton's Peter VanDerNoord has sold $10 million of his family's industrial building portfolio to a Luray, Va., family looking to get out of the RV park business.
In all, 245,000 square feet of industrial space across Manatee County changed hands, with the help of a $5.1 million mortgage from Wells Fargo Bank, according to property records. VanDerNoord, whose family owns the Riverhouse Reef & Grill and operates Regatta Pointe Marina in Palmetto, sold most of his family's warehouse space to the buyers, Mountain Manor Inc. -- a Virginia-registered business, which operated a group of Yogi Bear's Jellystone Park campgrounds in the Mid-Atlantic.
For VanDerNoord, the timing was right to move on from his family's company Interstate Industrial.
The deal included 38 properties and 16 buildings, according to land records. One of the biggest acquisitions includes a 50,110 square-foot warehouse at 2322 Whitfield Industrial Way in Tallevast.
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"Dad passed away a year ago causing us to change some things in the family structure and allowed us to focus more on the marina and restaurant," VanDerNoord said.
At the peak of the VanDerNoords' holdings, the family had more than 400,000 square feet of industrial space which it began buying in 2003, he said. After the rough economy, the family had about 250,000 square feet. John T. Rust and his family from
Virginia bought 200,000 square feet of the industrial space.
"It didn't include two of our buildings, which I already sold in separate deals, but hasn't closed yet," VanDerNoord said.
The properties with buildings that sold include:
Palmetto Commerce Park, 5001-5012 U.S. 41 N., Palmetto
1610 12th St. E., Palmetto
2723 17th St. E., Palmetto
3220 59th Drive E., Oneco
6108 33rd St. E., Oneco
Pines II Industrial Park, 2076 58th Ave. Circle, Tallevast
1115 N. Commerce Blvd., Tallevast
1130 N. Commerce Blvd., Tallevast
2 322 Whitfield Industrial Way, Tallevast
The buyers aren't planning to change the character of the properties and are chiefly taking over as landlords and investors, VanDerNoord said. He added he is happy the Rust family is buying the properties.
"The fact we're starting to see some life and energy is a good indication that things are starting to bounce back," he said.
Gail Bowden, senior investment adviser of Sperry Van Ness Commercial Advisory Group in Sarasota, handled the sale. Bruce Dilges for Sperry Van Ness will handle leasing of the properties for the new owners.
The transaction was done through a 1031 exchange, Bowden said, which transfers tax gains to a future date.
The Rust family already had a home in Naples and wanted a local for the family, Bowden said.
Charles Schelle, Herald business reporter, can be reached at 941-745-7095. Follow him on Twitter @ImYourChuck.